XN000022-1981-06-19 — Page 9

FRIDAY, JUNE 19, 1981

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MORE MEMBERS SOUGHT FOR SECURITIES COMMISSION

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A BILL TO ENLARGE THE MEMBERSHIP OF THE SECURITIES COMMISSION WILL BE INTRODUCED INTO THE LEGISLATIVE COUNCIL ON WEDNESDAY.

AT PRESENT, THE MEMBERSHIP OF THE COMMISSION COMPRISES THE COMMISSIONER FOR SECURITIES, THE REGISTRAR OF COMPANIES AND FIVE ADDITIONAL MEMBERS APPOINTED BY THE GOVERNOR.

THE SECURITIES (AMENDMENT) BILL 1981, WHICH IS PUBLISHED IN THE GOVERNMENT GAZETTE TODAY, SEEKS TO REMOVE THE RESTRICTION ON THE NUMBER OF APPOINTED MEMBERS.

THE FUNCTIONS OF THE SECURITIES COMMISSION INCLUDE THE FOLLOWING I

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TO ADVISE THE FINANCIAL SECRETARY ON ALL MATTERS RELATING TO SECURITIES-

* TO TAKE ALL REASONABLE STEPS TO SAFEGUARD THE INTERESTS OF PERSONS WHO INVEST OR PROPOSE TO INVEST IN SECURITIES-

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TO ENSURE THE COMPLIANCE WITH THE REQUIREMENTS OF THE SECURITIES ORDINANCE AND OTHER LEGISLATIVE REQUIREMENTS RELATING TO SECURITIES-

* TO PROMOTE AND ENCOURAGE PROPER CONDUCT AMONG MEMBERS OF THE FEDERATION OF STOCK EXCHANGES.

A GOVERNMENT SPOKESMAN SAID THAT WITH THE DEVELOPMENT OF THE STOCK MARKET, IT WAS CONSIDERED APPROPRIATE TO INCLUDE ON THE COMMISSION A WIDER REPRESENTATION FROM THE VARIOUS INTERESTS IN THE SECURITY AND CONNECTED FIELDS.

IN ADDITION TO INCREASING THE EXPERIENCE AND EXPERTISE FROM WHICH THE COMMISSION COULD DRAW, THE EXPANSION OF THE MEMBERSHIP WOULD ALSO ENSURE THAT THE COMPLEX AND INTER-RELATED ISSUES RELEVANT TO THE SECURITIES MARKET WOULD BE TAKEN FULLY INTO ACCOUNT AND THAT THE DIVERSE INTERESTS OF THOSE INVOLVED WOULD BE FULLY PROTECTED, THE SPOKESMAN ADDED.

ANY APPOINTMENT OF ADDITIONAL MEMBERS WOULD NOT BE MADE UNTIL AFTER THE BILL WAS PASSED.

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